Slow and steady growth forecasted for new home market

The latest report from the Trimart Research Corporation says that the recent changes to government policies (Fair Housing Plan) have had an impact on the new home market across the Total Market Area (TMA).

Trimart didn’t explain how the changes have affected the new low-rise market, but this statement came shortly after the Building Industry and Land Development Association (BILD) claimed that the Fair Housing Plan has had little effect on the new home market.

We recently chatted with Ben Myers, Senior VP, Market Research & Analytics, Fortress Real Developments, and he said, “Anecdotally I’ve heard developers say there has been less interest since late April, but demand was so high and supply so low, sales are still going to be made anyway. Instead of 2,500 people registering for a 400 unit project, you still have 1,500, and there’s still not enough product to satisfy all of the potential buyers.”

The latest survey results from the Toronto Real Estate Board (TREB) found that a significant amount of homebuyers and sellers consider the Fair Housing Plan a key factor in their decision to buy or sell.

Whether or not the Fair Housing Plan has made an impact on the new home market, Trimart has predicted slow and steady growth for the TMA’s new low-rise sector, due in part to Ontario’s increase in buying population.

Listed below are a few notable low-rise sites of the last month:

Grand River Woods in Cambridge

Grand River Woods by Fernbrook Homes

Once again, Grand River Woods by Fernbrook Homes is featured on Trimart’s Hot Spots list. The demand for detached homes is strong and Cambridge real estate is heating up since it’s an affordable alternative to new detached homes in the GTA, which are averaging nearly $2 million. Grand River Woods features 30’, 35’, and 40’ detached homes ranging from 1,420 to 3,360 square feet with prices from $369,990.

Streetsville Centre in Mississauga

Streetsville Centre by Dunpar Homes

This community by Dunpar Homes features freehold townhomes ranging from 1,500 to 1,875 square feet, with prices starting from $869,990. If you think that’s high for a new townhome, think again. The average price for a new townhome in the Greater Toronto Area (GTA) in May 2017 was more than $1 million.

Oggi Boutique Townhomes in Woodbridge

Oggi Boutique Townhomes by Oggi Developments

Of course, not all townhomes near the $1 million mark. Oggi Boutique Townhomes by Oggi Developments features attached condo townhomes ranging from 955 to 1,328 square feet with prices from $448,900. These contemporary homes in Woodbridge are perfect for move-up buyers!

The Towns of Tooley Mills in Courtice

The Towns of Tooley Mills by Halminen Homes

This new Courtice community by Halminen Homes is a more traditional take on townhomes. The Towns of Tooley Mills features freehold townhomes from 1,330 to 1,589 square feet with prices from $584,990.

Park Villas in Toronto

Park Villas by Concord Adex

This limited collection of freehold townhomes by Concord Adex in now sold out! The Park Villas townhomes ranged from 1,211 to 1,650 square feet with prices from the upper $700,000s.